Crompton Greaves Consumer Electricals (Crompton) has reported muted revenue growth of 4% to Rs10.8bn in 2QFY20. Revenue from ECD segment grew by 11% YoY to Rs7.9bn led by strong performance in fans, pumps and Geyser, while revenue from Lighting segment declined by 12% YoY to Rs2.9bn led by price erosion and lower EESL sales (down 60%). EBITDA margin was up 10bps YoY to 12.0% as higher margin in ECD segment was partially offset by lower margin in lighting segment. PAT grew by 44% YoY to Rs1.1bn aided by higher other income and lower tax rate. Further, the Company is in the process of revamping its ECD business, which is expected to be implemented by FY21E. We cut our revenue estimates by 2%/6% for FY20/21 factoring the...